Companies are increasingly incorporating crypto into their Brazilian treasuries. The latest data from the Brazilian tax authority (RBF), whose law allows it to receive statements from taxpayers regarding crypto purchases, shows that almost 42,000 companies purchased some cryptocurrency in October.
The previous record of 41,817 crypto-buying companies was set in September, when 40,161 institutions broke the record. The number of people who bought crypto in the same time period was 1.265.818, compared to the 1.5 million individuals who purchased crypto in September.
This record shows that institutions were stockpiling to take advantage of low market prices. It is unclear how the recent collapse of FTX (one of the largest cryptocurrency exchanges) has affected the trust of Brazilian customers in cryptocurrency markets. The numbers are from October.
USDT Still at the Top, BRZ Rises
The reports include information about the number of transactions that were registered and the amount exchanged with each token. Tether’s USDT was the token used in October to settle more money in Brazil, following the trend from earlier months. In almost 119,366 transactions, USDT was used to transact nearly $1.8 billion.
Third parties can connect USDT to the traditional financial system, further increasing their popularity. Smartpay, a crypto service provider company, integrated with Tecban (a Brazilian ATM provider) to enable users to convert USDT into fiat currency at more than 24,000 ATMs.
Bitcoin ( BTC) still had the most transactions with 1.34million, of which $190.2million were transferred. BRZ, a local stablecoin that is real pegged, had the second highest number of transactions, at 693,086. According to reports, these operations were mainly made on FTX and it is not clear if other markets will absorb this volume. The top five currencies with the highest volume settled are USDC and ETH.